Leveraging Digital Trends in Insurance, Pt. 2
We brought together our digital experts to discuss a variety of hot topics in the industry. On the panel was Sapiens’ Colleen Wells, VP, Global Digital Strategy Amir Raskin, Analytics and Business Intelligence Product Strategist, Yariv Yanay, VP Digital Product & Innovation and Bjorn Freter, Co-CEO, sum.cumo, a Sapiens company. Thanks to David Clamp for moderating.
This is the second blog in the series. To read the first one, click here.
Q: What advice would you give an insurance company starting their digitalization journey?
Amir: If you’re starting with the digital journey you must remember that engagement is not enough. A Digital journey needs to be full circle with more intelligence, clear UX and opportunities beyond something the customer just talking to an agent or using a mobile app. Without data and analytics, digital is like having a car without an engine. It’s possible, to use data and analytics wisely.
Bjorn: I advise any insurer, no matter what size they are, to think more entrepreneurial. To formulate a clear vision of where they want to go and then go out there and get it done, to communicate your vision loud and clear and just get started and find out the rest along the way. And a great partner like Sapiens, of course, can help you with that.
Yariv: Insurers need to look at the business side. Which line of business do they need to improve and make better? Then take this segment and make the decision to improve with digital tools. These days, it’s not like a five years ago when were just starting digital, you have a lot of knowledge and experience from other companies and solution providers that can be shared and can help the organization understand the process.
We need to understand how to convert the customer, even how to ‘gamify’ for a better customer experience. The result won’t be as ‘high’ as in another sector like tourism or other e-commerce, but we must break the formula. How do you do that? InsureTech. The power of InsureTech is that they take an industry challenge and give it a full, in-depth solution. They don’t wait for perfection, they find a good solution, release and improve it all the time for a stronger product.
Bjorn: Insurers think first about how they can leverage technology to sell more insurances. But the intelligence that’s being built into systems like Alexa and Siri, etcetera, is moving to a level where it’s not just about ‘sales’. It can actually be part of the consulting service for simpler products, which is, quite great because, if you’re talking about smaller scale products, such as maybe additional healthcare coverage, health products, which are inexpensive when it comes to the premium. Usually, it’s expensive for the insurer to supply consultants, service personnel, but these types of assistance devices and services can take over the job and do it well.
Colleen: I agree with Yariv. InsureTechs are a partner in our digital success. InsureTechs are a big part of our ecosystem in terms of being able to fulfill some of the process gaps that we see. I also think that one of the things we can learn is how they operate. They’re fast, they’re furious. Talk about brave. There’s no one who has an NGO who has ever worked for, or run it, in short talk. You’re furiously mad in terms of your objectives and you’re in it to win it. There’s a lot to be learned from an organizational perspective as well as just what they can bring to the insurance space.
Here at Sapiens, we incorporated some of these topics when we designed our digital suite. Our DigitalSuite is a powerful platform to help insurers meet their digital needs, the way they need to, quickly. It provides technology tools that do things like orchestration and journey building with drag and drop tools. Our DigitalSuite can help insurers implement their changes, at their own pace, personalized for their organization and most importantly – successfully.